Fernbach Offers Small Banks Basel II And IFRS Compliance Application

FERNBACH, a provider of compliance technology solutions, has introduced a new programme called 'Basel II Ready to Go' that helps small and medium sized banks meet their Basel II requirements quickly and cheaply. Apart from meeting their regulatory obligations, banks

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FERNBACH, a provider of compliance technology solutions, has introduced a new programme called ‘Basel II Ready to Go’ that helps small and medium sized banks meet their Basel II requirements quickly and cheaply. Apart from meeting their regulatory obligations, banks that comply with Basel II stand to benefit from having better risk management, facilitating daily monitoring of transactions and assessing and controlling risks as they arise. The new programme minimises the costs of compliance.

The programme has two stages. First is the Pragmatic Gap Analysis, which establishes what the bank needs to do in order to comply and gives them a guide to help them do so. The second stage involves the FlexFinance(R) Basel II Ready to Go software, which uses templates and pre-configured parameters for compliance with the Standard approach, and is delivered with 50 financial instruments already embedded. Together the stages take up to 8 weeks to implement.

Since Basel II and IFRS require the same deal, market and static data and have similar requirements for processing and reporting data marts, implementing FlexFinance(R). Basel II also brings banks closer to IFRS compliance.

“With this programme, we’re making it easier for smaller banks to speed up their compliance initiatives,” said Gnther Fernbach, CEO of FERNBACH Software. “Basel II and IFRS are complex domains, but by using pre-parameterised processes and predefined templates, banks can use proven techniques and avoid having to reinvent the wheel. The entire FERNBACH suite is based on predefined templates which are the result of our 20 years of experience in financial services.”

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